Equator - Useful Information before getting started
Hey Gang,
I'll update this discussion as new information is acquired.
USEFUL INFORMATION TO HAVE BEFORE GETTING STARTED:
Equator (formerly Reotrans) is only the platform that the lender uses to process Short Sales(SS). The peeps at Equator can only provide techincal support and do not have anything to do with the bank's SS process, approval, denial or other. You have to call the lender to get answers to your SS related questions.
1)Buyer's Full Name and Address
2)Buyer's First 5 SSN (Some people have been entering "000-00")
3)Buyer's Birth Date (Some have been entering a default birth date)
4)Buyer's Phone Number
5)LOTS of Patience!
When you initiate a SS in the Equator system:
1) Initiate the SS and the system will task you with uploading the Authorization to Release.
2) Seller should have gotten a password from them for the short sale. They will log in to:
https://shortsale.bankofamerica.com/
Have them log in and fill out the questions they are prompted with. You will be unable to go any further or have any other tasks assigned until your sellers upload their info. AND if this is not done in a timely manner your file wil be closed.
NOTE: Bank of America sent my client a link: "www.bankofamerica.com/shortsale" but that is not the correct link.
TIP: B of A has told agents to create a gmail account for the seller, have the seller sign a disclosure allowing them access to the gmail account so "they" can communicate with Reotrans/Equator.
3) After the seller fills out their information and uploads their docs, you will be assigned another "TASK". You will need to "Submit Short Sale Offer".
ONE NOTE: Before you begin entering information about the Short Sale Offer, you will also need the 1st 5 digits of the BUYER'S SSN!!! (I've heard of some people using "000-00" to bypass this requirement - why would they need buyer's SSN anyway?) the BUYER'S Birth Date (Some agents have a default birthdate they use for this field) and the BUYER'S Phone number. The Equator form doesn't have a "Save" function so ALL of the information has to be entered in one sitting. Again, you will be given a deadline.
Items you will need to upload (* means required upload):
Property Photo (Make sure to upload a JPG of the Home or if it's vacant land then a picture of the vacant land - a plat map will not work - Thanks to Wendy for beta testing this for us all!)
* Upload Pre-Qualification Letter/Proof of Funds DOC
* Estimated HUD1 Worksheet
* Upload MLS Sheet
* MLS Number
* Upload Signed Purchase Agreement
4) You have to go back and check the status onthe Equator site regarding the listing every day until the "Generic Negotiator" (which is assigned by default) is changed to a real live person with a real name and contact info.
5) After a real live person (Negotiator) is assigned, they will order a BPO. Let your seller know that they may get a call for access to do a BPO. It may take a while for them to actually order the BPO. In our case, it took them 18 days from the time live negotiator was assigned until the seller got the call for access to the property to do a BPO. Even though I wrote to them letting the negotiator know to call/email me for access, the BPO agent called the homeowner instead. So, check in with your seller to see if a BPO was ordered.
6) If the numbers don't work for the investor (closing cost credits and other costs and fees, closing date, etc.) they will "Counter" your ratified contract. So, even though you have a signed and ratified contYou ract, they will say, "Yes" to some things and suggest a different number or date for other things.
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Dealing with ReoTrans/Equator has been interesting. Our file has been in "conversion" from the "legacy" (Countrywide) side to the new BofA side for quite some time. I called for an update the other week and was notified that they will upload ALL of the SS package to the new Equator system and for me to wait until it was done. They said it would take about 2 weeks to complete. A week later I checked to see if the file had been uploaded and was told that I was supposed to initiate the Short Sale via Equator. NICE. Lost a week there due to mis-information. I initiated the short sale on my side and was waiting for further instructions on how to upload the Purchase Contract among other things. I called them and they told me that they are not the correct department and they will transfer me to the correct department. Then, they finally got me to the correct department and they said that the seller has to log in and send in other docs, financial and paystubs, etc. They said that the file will close if the seller doesn't log in and upload docs and fill out their questionaire (apparently Equator has a questionaire for the seller). Nobody in the entire process or the website told me the details of this so here I am telling you so that you can save a bit of time and grief on the phone.
Replies to This Discussion
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Permalink Reply by Makoto Sato on
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Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Permalink Reply by Wendy Rulnick on
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Makoto - Just finished the ridiculous conversation with BOFA rep. They don't know what end is up! He talked in circles.... Got to run for appt but thank you for all the great info!
Makoto Sato said:Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Makoto - We finally found one of our short sales (newly under contract) that REOTRANS OK'd the loan number! All the system asked us for was the 3rd Party Authorization. So we sit and wait, this is crazy.
Makoto Sato said:Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Permalink Reply by Jennifer Klein on
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Thanks for the valuable insight on the process. Very helpful, as I am in the submission part of the process. I'm just glad I'm not the only one who finds this to be equally tedious with more hurdles. I've uploaded everything as well, gone through every step. I called today and they said I have to have the seller call and "prequalify"... really? I thought the hardship letter, financials, etc... or perhaps the simple fact that they weren't approved for a loan mod due to financial instability, would qualify them! Equator is just another hoop for us to jump through. Keep the good info coming!
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I want to start by thanking you! THANK YOU! Your insight has kept me sane... well as much as can be with this process. However, I'm still confused. I initiated the short sale in Equator, uploaded ALL the info etc. Then found out my seller had to call and get info. Inputted hardship info and hardship info into www.BankofAmerica.com/ShortSale. Where do I go from here? Per URL these are not the same sites? Are they connected? There are no directions after submission into the www.BankofAmerica.com/ShortSale site.. I'm not even sure who I should call. Also, in reference to this new loan #? My seller was not given a new loan #? Will that be emailed to him? Me? Are there step by step instructions anywhere? or is it trial and error? Please help
Makoto Sato said:Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Jennifer, Piping in on Makoto's discussion- the seller site will just bring them to www.equator.com after a few clicks! They should call BOFA and get their new number- they can use their social to find out.
Jennifer Klein said:I want to start by thanking you! THANK YOU! Your insight has kept me sane... well as much as can be with this process. However, I'm still confused. I initiated the short sale in Equator, uploaded ALL the info etc. Then found out my seller had to call and get info. Inputted hardship info and hardship info into www.BankofAmerica.com/ShortSale. Where do I go from here? Per URL these are not the same sites? Are they connected? There are no directions after submission into the www.BankofAmerica.com/ShortSale site.. I'm not even sure who I should call. Also, in reference to this new loan #? My seller was not given a new loan #? Will that be emailed to him? Me? Are there step by step instructions anywhere? or is it trial and error? Please help
Makoto Sato said:Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Have your sellers call either 1-866-677-2516 or 1-866-880-1232
to get their new loan number and have their password emailed.
Jennifer Klein said:I want to start by thanking you! THANK YOU! Your insight has kept me sane... well as much as can be with this process. However, I'm still confused. I initiated the short sale in Equator, uploaded ALL the info etc. Then found out my seller had to call and get info. Inputted hardship info and hardship info into www.BankofAmerica.com/ShortSale. Where do I go from here? Per URL these are not the same sites? Are they connected? There are no directions after submission into the www.BankofAmerica.com/ShortSale site.. I'm not even sure who I should call. Also, in reference to this new loan #? My seller was not given a new loan #? Will that be emailed to him? Me? Are there step by step instructions anywhere? or is it trial and error? Please help
Makoto Sato said:Wendy, I know your pain! I saw your comment on the other board and want to let you know that I've had a similar experience. BofA had changed my client's loan numbers (both first and second) from their "legacy" (a.k.a Countrywide) number to a new one starting with "8". They sent this information to my client who informed me of the changes. You may want to see if your seller has received the change from the bank. I'm sure the bank has a duty to inform the mortgagor of the changes. -Mako
Wendy Rulnick said:Makoto - Guess I am being forced here, too! I have now been on hold for 24 minutes waiting for a BOFA Reotrans rep to pick uP! -
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Jennifer, My client had a Countrywide loan which was converted over to BofA. BofA sent my clients, via snail mail, a letter stating the new loan numbers. Not all loan numbers will change, especially if your client has a BofA loan to begin with.
There are no step by step instructions other than what's here on this discussion. Feel free to let us all know your findings. With Aloha -Mako
Jennifer Klein said:Also, in reference to this new loan #? My seller was not given a new loan #? Will that be emailed to him? Me? Are there step by step instructions anywhere? or is it trial and error? Please help -
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I sent my seller a screen shot of the Equator page showing the status and they said that they only have an upload portal.
Jennifer Klein said:...However, I'm still confused. I initiated the short sale in Equator, uploaded ALL the info etc. Then found out my seller had to call and get info. Inputted hardship info and hardship info into www.BankofAmerica.com/ShortSale. Where do I go from here? Per URL these are not the same sites? Are they connected? There are no directions after submission into the www.BankofAmerica.com/ShortSale site.. I'm not even sure who I should call. -
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Permalink Reply by Donita Dickinson on
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I just got off the phone with a negotiator with the Equator system. Not everyone w/in BofA's short sale department is trained in Equator and doesn't have access to it. You have to keep asking to be transferred to someone within Equator.
Once I got that person she was able to tell me that my file was under review and the current offer was too low. She said I have 7 days to bring a higher offer. The higher offer can come from a new buyer or it can be the same buyer. If I don't bring a higher offer, they will close the file. I asked, if they could just counter with what they need and I would take that back to the buyer. Her reply, "We won't do that. You just have to submit a higher offer." Mind you there was no call or e-mail alerting me to the fact that I need to submit a higher offer and the person I spoke to earlier today did not mention it. The only way I found out was because I managed to get a person who could pull up the file in Equator.
I was also told that they will never e-mail or call me. It's my job to call and make sure I get the appropriate update. She said that there won't be a negotiator assigned to the file but that they will work on the file as a group and the process will take a maximum of 45 days.
I can't stress enough that if you have been forced to go with the Equator system, then you MUST speak to a rep who works within it. -
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Donita,
Did you talk to Bank of America people who were trained on Equator and can actually give real answers? Or did you call Equator to have them access them file?
Donita Dickinson said:I just got off the phone with a negotiator with the Equator system. Not everyone w/in BofA's short sale department is trained in Equator and doesn't have access to it. You have to keep asking to be transferred to someone within Equator.
Once I got that person she was able to tell me that my file was under review and the current offer was too low. She said I have 7 days to bring a higher offer. The higher offer can come from a new buyer or it can be the same buyer. If I don't bring a higher offer, they will close the file. I asked, if they could just counter with what they need and I would take that back to the buyer. Her reply, "We won't do that. You just have to submit a higher offer." Mind you there was no call or e-mail alerting me to the fact that I need to submit a higher offer and the person I spoke to earlier today did not mention it. The only way I found out was because I managed to get a person who could pull up the file in Equator.
I was also told that they will never e-mail or call me. It's my job to call and make sure I get the appropriate update. She said that there won't be a negotiator assigned to the file but that they will work on the file as a group and the process will take a maximum of 45 days.
I can't stress enough that if you have been forced to go with the Equator system, then you MUST speak to a rep who works within it. -
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It was a BofA negotiator that had been trained on Equator. She could actually open something on her end and tell me what they needed. She made it very clear that if you are in the Equator system they will not e-mail or call us with notices. We have to proactively call in, get the right department and get them what they need by the deadline or they will close the file. Nobody else within BofA could tell me anything other than my file was under review. It was just by chance that I called in for the 3rd time today and got someone trained on Equator. You have to ask specifically for someone in that department or keep calling until you get lucky. The number I called was the 866-880-1232 number.
Makoto Sato said:Donita,
Did you talk to Bank of America people who were trained on Equator and can actually give real answers? Or did you call Equator to have them access them file?
Donita Dickinson said:I just got off the phone with a negotiator with the Equator system. Not everyone w/in BofA's short sale department is trained in Equator and doesn't have access to it. You have to keep asking to be transferred to someone within Equator.
Once I got that person she was able to tell me that my file was under review and the current offer was too low. She said I have 7 days to bring a higher offer. The higher offer can come from a new buyer or it can be the same buyer. If I don't bring a higher offer, they will close the file. I asked, if they could just counter with what they need and I would take that back to the buyer. Her reply, "We won't do that. You just have to submit a higher offer." Mind you there was no call or e-mail alerting me to the fact that I need to submit a higher offer and the person I spoke to earlier today did not mention it. The only way I found out was because I managed to get a person who could pull up the file in Equator.
I was also told that they will never e-mail or call me. It's my job to call and make sure I get the appropriate update. She said that there won't be a negotiator assigned to the file but that they will work on the file as a group and the process will take a maximum of 45 days.
I can't stress enough that if you have been forced to go with the Equator system, then you MUST speak to a rep who works within it. -
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